The DAX started the shortened Easter trading week with a slight plus of 0.06 percent at 15,530.20 points. There is currently an increase of 0.47 percent to 15,5592.62 points on the course board.
The leading German index can therefore still not attack the annual high of 15,736 points reached on Tuesday.
Mixed specifications
US technology stocks had continued their correction the night before, while the Dow Jones Industrial continued to stagnate in its recovery with a small plus. US economic data had recently been disappointing, which dampened interest rate hike expectations.
US job data and other economic values in view
Initial claims for US unemployment insurance decreased in the week ended April 1, 2023, but the baseline was much higher than previously thought following a revision of seasonal adjustment factors. Compared to the previous week, the number of applications fell by 18,000 to 228,000, according to the US Department of Labor. Economists polled by Dow Jones Newswires had predicted an increase from 198,000 to 200,000. However, the previous week’s value was revised to 246,000.
The Department of Labor releases the labor market report for March on Friday. Analysts polled by Dow Jones Newswires are forecasting an unchanged unemployment rate so far.
Thanks to rising orders and decreasing supply bottlenecks, German companies meanwhile ramped up their production in February for the second month in a row. Industry, construction and energy suppliers together produced 2.0 percent more than in the previous month, as the Federal Statistical Office announced on Thursday. Economists surveyed by the Reuters news agency had only expected a mini plus of 0.1 percent. At 3.7 percent, January saw the strongest growth since mid-2020.
Some impetus from the corporate side
On the company side, Gerresheimer is on the German market shortly before Easter with quarterly figures. Strong demand for plastic packaging, inhalers and medication ampoules made of special glass drove the start of the year. The group is maintaining its strong growth momentum, a trader said. However, weak free cash flow could trigger profit-taking.
BMW shares are weighed down by a canceled buy recommendation from Goldman Sachs, while Symrise stocks benefit from a positive judgment by JPMorgan. The turnaround in earnings is in sight for the flavor manufacturer, it said. At the leasing specialist GRENKE, a buy recommendation from Deutsche Bank is causing optimism.
Editorial office finanzen.net / dpa-AFX / Reuters
Image sources: Julian Mezger for Finanz Verlag